Local Chamber News
Right On Track in Norfolk
Norfolk, VA -
In Norfolk, Virginia, where construction is about to begin on the new downtown light rail transit system, developers are already planning more than $220 million in office, retail, apartment and hotel development. How much more rail-related growth could downtown Norfolk see? As reported by the American Public Transportation Association, "on average, $6 of private money is invested along a new transit line for every $1 of public money spent." Based on that formula, Norfolk, with a $232.1 million investment, could be looking at $1.4 billion in new development.
Source: The Virginian-Pilot
Publication Date: January 9, 2008